Caterpillar is boosting its quarterly dividend 20%.
The board of directors approved paying $1.03 per share common stock to shareholders of record at the close of business July 22. The money is payable August 20.
Caterpillar Chairman and CEO Jim Umpleby says the company’s growth strategy is working, and the heavy equipment manufacturer is on track to double its service sales by 2026.
The Deerfield-based company last month announced a record first quarter profit of $13.5 billion.